“In the past we have tried to be as transparent with you as
possible about the state of the investigation while balancing our
desire for transparency with the need to keep the details of a
sensitive investigation confidential,” said the letter. “While we
have in the past told you of our cooperation with the
government’s investigation our cooperation is no longer
unconditional and we do not intend to give updates in this area
going forward.”

SAC is going where it's clients can't follow — at least for now.
The letter goes on to say that in the coming months, the firm
expects to be able to divulge more information about what's going
on with the investigation.

This comes after SAC agreed to pay a $616 million fine to the SEC
for illegal trading in pharmaceutical stocks. The hedge fund did
not admit wrongdoing.